Multinational electronics corporation and DVD innovator Philips has made a cornerstone investment to Gilde Healthcare Partners’ third fund, a venture capital vehicle that will invest in early and growth stage technology companies.
Gilde, a healthcare-focused private equity firm based in the Netherlands, is hoping to raise a total of €200m and has received the undisclosed sum from Philips towards the target.
Although it is not known how much capital Philips has put up for Gilde Healthcare III, the New York Stock Exchange-listed firm is now a minority shareholder in the fund.
With sales of €23bn in 2009, the electronics giant has established healthcare operations in addition to its consumer electrical goods business, developing and selling cardiac care, acute care and home healthcare innovations to the industry.
Philips is investing in the fully independent fund to foster innovation in areas of strategic interest to its healthcare business, it said.
“Over the past years the venturing community has been instrumental in bringing breakthrough healthcare innovations to the market,” said Steve Rusckowski, CEO of Philips Healthcare.
Gilde Healthcare Partners is one of three divisions of Gilde, a fund management company set up in 1982 and with more than €2bn under management.
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